Home Equity

A Home Equity loan could solve your debt consolidation wants, give you that garage you always wanted, or perhaps provide your daughter with the wedding of her dreams. A Home Equity loan is also a perfect option to cover a one time expense without using a credit card or depleting savings. Eligible properties include primary residences and vacation homes located in Arizona, Florida, Georgia, Iowa, Minnesota, and Wisconsin.

1Actual rate is based on applicant's credit history.2Rates are accurate as of specified date and are subject to change without notice.3Closing costs ranging from $0 - $1,000 may be charged for a Home Equity loan.

Details

No prepayment penalty

No origination fee

Borrow up to 100% of the equity in your home, to a maximum of $150,000 (for qualified borrowers).

Borrow up to 80% of the equity in your home, to a maximum of $200,000 (for qualified borrowers).

Home equity loans can be used to consolidate debt, purchase a vehicle, and make home improvements or any other worthwhile purpose.

Equity is the value of your home, less the existing loan balances.

The interest paid on the secured loan may be tax deductible. (The credit union does not give tax advice. Please consult your tax advisor.)

We look forward to assisting you with all of your home financing needs!

Compare Accounts

Speak to a Loan Officer today to help choose the loan that is right for your situation. With our Lenders not working on commission, and each one a Mayo employee, MEFCU is a great place to turn to for advice you can trust.

1Actual rate is based on applicant's credit history.2Rates are accurate as of specified date and are subject to change without notice.3Closing costs ranging from $0 - $1,000 may be charged for a Home Equity loan.

1The variable loan rate is subject to change the first day of each calendar month, based on the external prime lending rate index published in "The Wall Street Journal" in effect at the close of the fifteenth day of the preceding month (i.e., July 1-31, the rate would be determined based on the June 15 prime rate). Any rate change will affect existing balances as well as future advances. The maximum rate is 16.00%.2Minimum payment is $15 per thousand or $50 per month, whichever amount is greater. Initial advance must be at least $5,000, after that, $100. When an advance is given, the new payment amount is disclosed on the receipt.3Closing costs ranging from $0 - $1,000 may be charged for a Home Equity loan.

1Actual rate is based on applicant's credit history.2Rates are accurate as of specified date and are subject to change without notice.3Closing costs ranging from $0 - $1,000 may be charged for a Home Equity loan.

Debt Defender – protection that pays!

Debt Defender is a voluntary loan-payment protection product that helps preserve your family’s standard of living and helps give you relief from financial burdens if a protected life event such as disability, loss of life or involuntary unemployment happens to you. Debt Defender will protect up to two borrowers.

Disability

A voluntary form of payment protection designed to make a member’s monthly payment, up to the policy maximum, should you become totally disabled due to a medically determined sickness or injury and are unable to work.

Loss of Life

A voluntary form of payment protection designed to pay off an outstanding loan balance in the event a covered member dies before the loan is repaid, up to policy maximum.

Involuntary Unemployment

A voluntary form of payment protection designed to make a member’s monthly payment, up to the policy maximum, should they become unemployed through no fault of their own.

Your purchase of Debt Defender is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions and exclusions may apply. Please contact your loan representative, or refer to the Member Agreement for a full explanation of Debt Defender terms, DPGAP-0413-822E.

Online Application

The easiest way to start the process is to request a loan online, and our lending team will contact you with further details! Click here to request a loan.